From Stanford's Entrepreneurship Corner:
Medtronic, Boston Scientific, and Johnson & Johnson all began as single-product ventures, says Mir Imran, CEO of InCube Labs and serial entrepreneur of medical devices. And while the medical community is rife with single-product ventures, a few of them do go on to become large enterprises offering a suite of products in multiple markets. What sets the bar for each venture? The market viability for each product they produce.
Showing posts with label STVP. Show all posts
Showing posts with label STVP. Show all posts
Friday, December 12, 2008
Randy Komisar on the "Deferred Life" Plan
From Stanford's Entrepreneurship Corner:
Komisar warns against the concept of a deferred life plan, when people put off what they really want to do for what is expected of them. According to Komisar, this is when you are deferring your sense of excitement and passion for what you really care about. Working hard is not inconsistent with the deferred life plan, he adds, but doing so for a product that you do not have interest in is.
Komisar warns against the concept of a deferred life plan, when people put off what they really want to do for what is expected of them. According to Komisar, this is when you are deferring your sense of excitement and passion for what you really care about. Working hard is not inconsistent with the deferred life plan, he adds, but doing so for a product that you do not have interest in is.
Thursday, December 11, 2008
Randy Komisar on the TiVo Transformation
From Stanford's Entrepreneurship Corner:
Komisar explains how the original TiVO concept went through multiple transformations. Originally, the TiVO entrepreneurs wanted to create a stand-alone VCR box that would be sold by large retailers. Over time and with the guidance of Komisar, the entrepreneurs realized it would make better sense to offer TiVo as a service instead of a hardware product with low-margins.
Komisar explains how the original TiVO concept went through multiple transformations. Originally, the TiVO entrepreneurs wanted to create a stand-alone VCR box that would be sold by large retailers. Over time and with the guidance of Komisar, the entrepreneurs realized it would make better sense to offer TiVo as a service instead of a hardware product with low-margins.
Guy Kawasaki on the Importance of a Good Presentation
From Stanford's Entrepreneurship Center:
Guy Kawasaki talks about how he uses a top 10 format for Powerpoint presentations and thinks that most presentations are terrible. For example, he says either the presentations are too long, Powerpoint is used poorly, or the font is too small to read. [1 minute, 4 seconds]
Guy Kawasaki talks about how he uses a top 10 format for Powerpoint presentations and thinks that most presentations are terrible. For example, he says either the presentations are too long, Powerpoint is used poorly, or the font is too small to read. [1 minute, 4 seconds]
Ashwin Navin on Founding Teams
From Stanford's Entrepreneurship Corner:
Ashwin Navin, Co-founder and President of Bit Torrent, talks about founding teams--where they come from and how to form them. Navin suggests that founding teams emerge from relationships developed in school or work and that founding teams work best when the team members have complimentary skills. In addition, Navin emphasizes the quality of students and colleagues in Silicon Valley and suggests that students take the opportunity to experiment with new business opportunities. [2 minutes, 7 seconds]
Ashwin Navin, Co-founder and President of Bit Torrent, talks about founding teams--where they come from and how to form them. Navin suggests that founding teams emerge from relationships developed in school or work and that founding teams work best when the team members have complimentary skills. In addition, Navin emphasizes the quality of students and colleagues in Silicon Valley and suggests that students take the opportunity to experiment with new business opportunities. [2 minutes, 7 seconds]
Dominick Orr on Working with and Making Decisions with Great People
From Stanford's Entrepreneurship Corner:
Dominic Orr, CEO of Aruba Networks, begins by describing two surprises he encountered when working with great people: first, how difficult it is for experienced people to change and second, how challenging it is to be intellectually honest. Orr then describes his efforts to overcome these impediments by cultivating a fast-decision making process focused on the facts and intellectual honesty. However, to achieve this environment each individual has to have a thick-skin and a commitment to self-evaluation, qualities that usually must be cultivated over time. [3 minutes, 42 seconds]
Dominic Orr, CEO of Aruba Networks, begins by describing two surprises he encountered when working with great people: first, how difficult it is for experienced people to change and second, how challenging it is to be intellectually honest. Orr then describes his efforts to overcome these impediments by cultivating a fast-decision making process focused on the facts and intellectual honesty. However, to achieve this environment each individual has to have a thick-skin and a commitment to self-evaluation, qualities that usually must be cultivated over time. [3 minutes, 42 seconds]
Dominick Orr on Challenges in Cracking Big Markets
From Stanford's Entrepreneurship Corner:
Dominic Orr, CEO of Aruba Networks, responds to a question about whether startups have a chance of cracking markets owned by big competitors. Orr suggests that startups often can find niches in big markets because they have greater speed to execution. However, Orr argues that success in a big market may be more than simply creating a niche but rather success is creating a large, sustainable business. Orr argues that the challenge of creating a large business is that you attract the attention of large competitors who try to destroy you. At the same time, as a company grows, it too eventually becomes vulnerable to smaller startups with even greater relative speed to execution. [5 minutes, 47 seconds]
Dominic Orr, CEO of Aruba Networks, responds to a question about whether startups have a chance of cracking markets owned by big competitors. Orr suggests that startups often can find niches in big markets because they have greater speed to execution. However, Orr argues that success in a big market may be more than simply creating a niche but rather success is creating a large, sustainable business. Orr argues that the challenge of creating a large business is that you attract the attention of large competitors who try to destroy you. At the same time, as a company grows, it too eventually becomes vulnerable to smaller startups with even greater relative speed to execution. [5 minutes, 47 seconds]
Edgar Bronfman Jr on the Three Facets of Business
From Stanford's Entrepreneurship Corner:
Edgar Bronfman, Jr., CEO of Warner Music Group, believes business is a circular concept that can be described using three words: believe, listen, and act. First, he says, you have to believe in your vision, your opportunity, and most importantly yourself. Secondly, you have to listen to the market and properly assimilate the facts surrounding your vision. Lastly, it is critical to take action, although it may be difficult for some to change what they have been used to do doing. [3 minutes, 32 seconds]
Edgar Bronfman, Jr., CEO of Warner Music Group, believes business is a circular concept that can be described using three words: believe, listen, and act. First, he says, you have to believe in your vision, your opportunity, and most importantly yourself. Secondly, you have to listen to the market and properly assimilate the facts surrounding your vision. Lastly, it is critical to take action, although it may be difficult for some to change what they have been used to do doing. [3 minutes, 32 seconds]
Using Agents to Help Raise Money
From Stanford's Entrepreneurship Corner:
Jason Green, Founding Partner at Emergence Capital, suggests that agents are generally not used to help raise funds in an early stage company although they may be helpful in a late-stage private equity deal. Instead, as Tom Friel, Chairman of Heidrick and Struggles, emphasizes early stage entrepreneurs are connected to VCs through informal networks of advisors who make an introduction for the entrepreneur. [2 minutes, 40 seconds]
Jason Green, Founding Partner at Emergence Capital, suggests that agents are generally not used to help raise funds in an early stage company although they may be helpful in a late-stage private equity deal. Instead, as Tom Friel, Chairman of Heidrick and Struggles, emphasizes early stage entrepreneurs are connected to VCs through informal networks of advisors who make an introduction for the entrepreneur. [2 minutes, 40 seconds]
Jason Green on Option Pools
From Stanford's Entrepreneurship Corner:
Jason Green, Founding Partner at Emergence Capital, shares insights into how entrepreneurs should think about establishing an option pool. Green suggests reserving 20% to 30% of the ownership as an option pool and to think about sharing wealth in order to create a bigger pie rather than holding to tight to a smaller pie. [1 minute, 52 seconds]
Jason Green, Founding Partner at Emergence Capital, shares insights into how entrepreneurs should think about establishing an option pool. Green suggests reserving 20% to 30% of the ownership as an option pool and to think about sharing wealth in order to create a bigger pie rather than holding to tight to a smaller pie. [1 minute, 52 seconds]
Tom Friel on How to Attract Great Talent
From Stanford's Entrepreneurship Corner:
Tom Friel, Chairman of Heidrick and Struggles, discusses the challenges of building a great team and suggests that startups can attract great talent with a number of factors, including money, self-fulfillment, belief in the mission or belief in the founder. Friel argues that to attract and retain great talent, entrepreneurs should be generous with at least one or more of these factors and sufficient on the others. Furthermore, Friel adds only a great team can make the startup a large and successful organization and sometimes this includes the replacement of founders with a professional CEO. [3 minutes, 49 seconds]
Tom Friel, Chairman of Heidrick and Struggles, discusses the challenges of building a great team and suggests that startups can attract great talent with a number of factors, including money, self-fulfillment, belief in the mission or belief in the founder. Friel argues that to attract and retain great talent, entrepreneurs should be generous with at least one or more of these factors and sufficient on the others. Furthermore, Friel adds only a great team can make the startup a large and successful organization and sometimes this includes the replacement of founders with a professional CEO. [3 minutes, 49 seconds]
David Frankel: What to Expect and Avoid in Term Sheets
From Stanford's Entrepreneurship Corner:
David Frankel, Founding Partner at Altirah Capital, offers his advice about what entrepreneurs should expect and what they should avoid in the term sheets offered by VCs when raising money. Frenkel suggests that entrepreneurs should expect VCs to have liquidation preferences, pre-emptive rights, first refusal rights, anti-dilution rights, board member seats, CEO replacement rights and full disclosure. In contrast, Frenkel suggests entrepreneurs should not accept a big valuation from an individual investor who cannot follow on or "traditional terms" that are not adequately explained and justified.
David Frankel, Founding Partner at Altirah Capital, offers his advice about what entrepreneurs should expect and what they should avoid in the term sheets offered by VCs when raising money. Frenkel suggests that entrepreneurs should expect VCs to have liquidation preferences, pre-emptive rights, first refusal rights, anti-dilution rights, board member seats, CEO replacement rights and full disclosure. In contrast, Frenkel suggests entrepreneurs should not accept a big valuation from an individual investor who cannot follow on or "traditional terms" that are not adequately explained and justified.
David Frankel: Advice on Term Sheets
From Stanford's Entrepreneurship Corner:
David Frankel, Founding Partner at Altirah Capital, discusses term sheets and how to structure a venture capital deal. Frankel suggests that when raising money an entrepreneur should 1) Favor VCs with simple term sheets, 2) Retain an experienced startup lawyer and 3) Explore any unfamiliar terms (1 minute, 52 seconds).
David Frankel, Founding Partner at Altirah Capital, discusses term sheets and how to structure a venture capital deal. Frankel suggests that when raising money an entrepreneur should 1) Favor VCs with simple term sheets, 2) Retain an experienced startup lawyer and 3) Explore any unfamiliar terms (1 minute, 52 seconds).
Judy Estrin on the Benefits of Constructive Failure
From Stanford's Entrepreneurship Corner:
Nobody wants to fail, but we need to be willing to take that plunge - and self-analyze to learn from our failures, says JLABS CEO Judy Estrin. If not given the opportunity to fall short of new goals, engineers and thinkers will be incapable of setting their sights high. Luckily for the entrepreneurially-minded, Silicon Valley is a forgiving place, and those with great ideas are often given credit just for stretching and broadening new notions into the marketplace.
Nobody wants to fail, but we need to be willing to take that plunge - and self-analyze to learn from our failures, says JLABS CEO Judy Estrin. If not given the opportunity to fall short of new goals, engineers and thinkers will be incapable of setting their sights high. Luckily for the entrepreneurially-minded, Silicon Valley is a forgiving place, and those with great ideas are often given credit just for stretching and broadening new notions into the marketplace.
Jason Green on Choosing a Venture Partner
From Stanford's Entrepreneurship Corner:
Jason Green, Founding Partner at Emergence Capital, speaks on how to select a venture partner. Green emphasizes that selecting a VC is a long-term partnership commitment and encourages entrepreneurs to pay attention to four things when selecting a venture partner: 1) Negotiate from a position of strength, 2) Find shared belief, 3) Listen to your instincts and 4) Pay more attention to the partnership than the terms.
Jason Green, Founding Partner at Emergence Capital, speaks on how to select a venture partner. Green emphasizes that selecting a VC is a long-term partnership commitment and encourages entrepreneurs to pay attention to four things when selecting a venture partner: 1) Negotiate from a position of strength, 2) Find shared belief, 3) Listen to your instincts and 4) Pay more attention to the partnership than the terms.
Wednesday, December 10, 2008
Problem-Solving Paradigm
From Stanford University's Entrepreneurship Corner
Take a big problem, apply the best minds to its prospects, add the fuel of entrepreneurial energy and a touch of capitalist greed, and one has the perfect recipe for solving any social, environmental, or cultural dilemma, says Vinod Khosla. Mere good intentions are not enough to invoke real change. But the course of industry can only be altered when all angles of the problem-solving pyramid are in place.
Take a big problem, apply the best minds to its prospects, add the fuel of entrepreneurial energy and a touch of capitalist greed, and one has the perfect recipe for solving any social, environmental, or cultural dilemma, says Vinod Khosla. Mere good intentions are not enough to invoke real change. But the course of industry can only be altered when all angles of the problem-solving pyramid are in place.
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